Everybody with a home to sell wants it to sell for as much as it can. Part of that is presenting it in its best light. That means making small repairs, painting, cleaning, and removing unnecessary clutter before listing it. The other part is selling at the right time. But when is the best time to list your home if you want to get the best possible price? Generally speaking, spring is the time of year when the market heats up and buyers are most active. Year after year, spring sellers are shown to get the best price … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates for 30-year fixed-rate loans with conforming loan balances saw a slight decline last week from the week before. Rates also fell for 15-year fixed-rate loans, while FHA loans were unchanged and jumbo loans and 5/1 ARMs saw small increases. Steady rates were enough to boost interest in buying a home, though, as demand for mortgage applications spiked 9.7 percent. Mike Fratantoni, MBA’s senior vice president and chief … [Read more...]

Spring is typically the time of year when the housing market gets going. This year looks to be no different. In fact, according to a new analysis from the National Association of Realtors’ consumer website, there’s reason for optimism. That’s because the number of homes for sale – which has been one of the primary factors holding buyers back – is rising, and particularly in affordable price ranges. According to the numbers, the inventory of homes for sale on a typical day in February was nearly 15 percent higher … [Read more...]

Buying a home has gotten more expensive over the past few years. Home prices have climbed and mortgage rates are elevated from the record lows seen during the pandemic. In short, buyers need more money than was necessary just a few years ago. But, according to one new analysis, how much you need to earn in order to comfortably afford a home is largely dependent on where in the country you’re looking to buy. In fact, the necessary household income varies widely. For example, in cities like Pittsburgh, Memphis, and … [Read more...]

The S&P Case-Shiller Home Price Index is among the most closely followed measures of U.S. home prices. The index, released monthly, tracks all nine census divisions and has data going back almost 30 years. According to the most recent release, prices are still rising. In fact, they continue to move upward at a pace above the historical trend. Brian Luke, head of commodities, real & digital assets at S&P, says recent gains have been solid, especially considering mortgage rate increases. “Looking back at … [Read more...]

The National Association of Realtors’ Pending Home Sales Index tracks the number of contracts to buy homes signed each month. Because contract signings precede closings by several weeks, the index is considered a good predictor of future home sales numbers. In January, the index fell 4.9 percent month-over-month. Lawrence Yun, NAR’s chief economist, says Americans are sensitive to mortgage rate fluctuations and it may be impacting activity. “The job market is solid, and the country’s total wealth reached a record … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates were little changed last week from one week earlier. Rates for 30-year fixed-rate loans with conforming balances, loans backed by the Federal Housing Administration, and 5/1 ARMs all saw slight decreases. Rates for jumbo loans and 15-year fixed-rate loans increased. But though rates were relatively flat, overall demand for mortgage applications still fell 5.6 percent week-over-week. Mike Fratantoni, MBA’s senior vice … [Read more...]

New home sales only account for about 14 percent of overall home sales. But these days, due to the shortage of previously owned homes available for sale, home buyer interest in the new home market continues to climb. In January, according to new numbers from the U.S. Census Bureau and the Department of Housing and Urban Development, sales of new single-family homes rose 1.5 percent from the previous month and were about 2 percent higher than year-before levels. The improvement, though slight, comes at a time of … [Read more...]

Each month, Fannie Mae’s Economic and Strategic Research Group releases a forecast covering what they expect for the economy and housing market in the months ahead. In February, the group’s outlook is optimistic. In fact, according to their forecast, they expect housing activity to pick up as the year goes on, with lower mortgage rates and increased housing supply helping to make home buying more affordable. Doug Duncan, Fannie Mae’s senior vice president and chief economist, says it depends a lot on the economy. … [Read more...]

Whether or not you think now is a good time to buy a house may depend on your age. According to a newly released survey from the National Association of Realtors’ consumer website, there’a pretty sizable generational divide in today’s market. In fact, among surveyed Americans, 55 percent of Millennials and 40 percent of Gen Z respondents say they think now’s a good time to buy, where only 32 percent of Gen X and 17 percent of Baby Boomers said the same. Danielle Hale, the site’s chief economist, says Americans are … [Read more...]